BILLABLE v. SALARY BASED.... pros and cons? I’ve never worked at a firm that has billing requirements, I’ve always been salary based, but I’m interested to know what your experiences have been!

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Silly q but what does salary based mean? Most attorneys I know are on salary and have a billable hour requirement but they don’t receive a % of their billings

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Is this a billable hours vs. contingency question?

I assume he/she is referring to an eat what you kill system, where you don't have a set compensation amount, but a set formula that determines how much you earn depending on factors such as billing attorney collections, working attorney collections, etc.

My firm has this system. The benefit is that it's transparent and "fair". The detriment is that your income is all over the place - but that's really only an issue for the first year you make partner. After that, unless you're irresponsible with money, you should have a large enough buffer in the bank that it doesn't really matter whether you get your money in a month or three months.

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